These long consolidation patterns (seen in the box) tend to break out to the opposite side that the trend entered the box. So I expect this stock to move higher once it breaks out of the consolidation. When that happens may require patience.
Triangle break out and Fib levels, $33.60 is Fib level .382 , RSI not overbought on daily, so it could run another day here. 3rd senate reading June 7th. ACB bought Leaf for 3 billion. Look for higher low to form, then enter if you are not in yet.
Multi-month triangle forming here. Canada set to legalize some time this summer, this triangle and potential break out could correlate with that time line. Long on a break with volume
Triangle pattern might be ready for breakout after 2nd senate reading passed 44-29 votes. 2 more months until 3rd reading in June.
Long term bullish pennant, short term consolidation. 2nd senate vote (reading) for bill c-45 is expected in march, 3rd vote in june. Watch volume in $Mj , the US weed etf. No volume in sector ever since end of january. Watch weed as well, the lead company.
If hmmj closes below $18.15, I think it gap fills down to $16.94. If it closes above $19 , the upper trend line with volume. Then, it would be bullish. Legalization senate votes schedule - March and June. Follow the $MJ stock, there has been no volume since the markets sold off end of January. Need the US buyers to come back...
Bought @ $23.53 Stop @ 23.66 Target 26.18 (based off Fib Ex) RvR is over 4 to 1 Shares purchased: 40 Mitigation: No
HMMJ appears to be consolidating along side the whole CDN cannabis sector. I'm just paper trading to get a feel for this ETF during this consolidation.
Looks like a healthy continuation pattern. Watch for the break of the downtrend resistance line for a breakout, or break of support which will likely indicate the pattern has failed.
While many fans of marijuana stocks are pointing towards an upward move, i am sure that this stock has reached it's peak for a long time now. The chart shows a lot of stagnation and resistance near 0.70 and the stock could dip lower anytime now. Many factors point towards a red flag: 1) This company is based overseas, and conducts research overseas, meaning...